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If output is produced according to y = 4L + 6K, the price of K is $15, and the price of L is $12, then the cost-minimizing combination of K and L capable of producing 96 units of output is
a. L = 0 and K = 16. b. L = 20 and K = 12. c. L = 24 and K = 16. d. L = 12 and K = 8. e. L = 24 and K = 0.
A medicine that almost always cures Hepatitis C has been developed. The price of the medication (for enough to result in a cure) is $95,000 (really). Explain how, at this price, the market fails to achieve allocative efficiency. Why is this price cha..
A consumer has preferences for apples (A) and Oranges (Or) given by the utility function U(A,Or) = log(A) / 2 + log(Or) where log() is the natural logarithm function. The Marginal Utility for A is 1/2A and the marginal utility for Or is 1/Or. What i..
You've just accepted a lucrative consulting contract with a medium sized local manufacturing firm to help improve the efficiency of their manufacturing.
Petra leases a farmer's field for $40 a day and grows pineapples. She pays students $100 a day to pick pineapples and sheleases capital at $20 a day. The table gives the daily output. What is Petra's total cost and average total cost if she produces ..
A) Conduct a web search for the key words "parallel computing". Then complete the following:
Japanese rice producers have extremely high production costs, in part due to the high opportunity cost of land and to their inability to take advantage of economies of large-scale production. Now an economist is trying to analyze two policies which a..
What are the benefits and risks of cloud computing? Do you use a cloud to store any of your files or photographs? Does a company you do business with use cloud computing? How so? Don't be quick to say 'no' - do a little research and leg work. You ..
Ceteris Paribus is latin for. An example of ordinal measure would be. Which slope(s) may a supply curve not have? The fact that as we consume more of good we enjoy each subsquent unit less (1st hot wing vs. hot wing) is an example of what theory?
Sketch a demand curve that is unit elastic for a price change between $9 and $11. Assume that the quantity demanded is 110 when price is $9. You’ll have to determine the quantity demanded when price is $11.
At the .05 significance level, is there a significant difference in the proportions of single and married persons having an accident.
If the government of a country imposes trade restrictions on the import of a certain good, the country will gain a comparative advantage.
The economy of country Rumblen was hit by a banking crisis which has led to a recission. Jason Wallace, a real estate agent, says that the economy will recover soon because the government is taking various measures to counter the recession. Which of ..
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